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Besieged Merrill Lynch To Pay $164M In Settlement

Law360 (February 17, 2006, 12:00 AM EST) -- A beleaguered Merrill Lynch & Co. has agreed to pay a whopping $164 million to settle 23 class action lawsuits, filed after the brokerage firm allegedly provided investors with false information regarding the securities of numerous Internet companies.

The country’s biggest financial securities firm announced the deal on Friday, offering Merrill’s desire to put an end to the drawn-out legal battles as the explanation for the payout.

"We are settling these cases because we want to avoid the significant distraction and expense of further litigation and...
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